Please help identifying this and advise on how to remove or cover...

Could anyone help with identifying what this pictured item is? I've searched for it online to identify it and can't find it and no one I know seems to know either. My best guess is it's a plug in for some sort of surround sound system because there are several of these switch plates with these plugs in various places around the downstairs living room in this house I just bought.

I could use some advice too on how to go about either removing this or (more realistically, given my lack of electronics skills), covering it up. Could I unscrew these things, remove the existing plates and cover it over with plain switch plates? The reason I ask is because having these exposed is letting more of a cold draft in now that it's winter. When you give your answer, yes or no, it would help if you explain why or why not.

Please forgive my lack of knowledge in this area, but I need some guidance. All assistance is appreciated. I'm hoping to be able to handle this fairly easily and hopefully without having to bring someone in to take care of it.

As they say, for speaker. Name is screw type banana panel socket. Allows for banana plug to be pushed in at the front or if you unscrew the knob, it exposes a small hole where a bare wire can be fitted and terminal tightened again. To remove, get a clipsal blank plate which is what the backplate appears to be and just leave wiring taped up in behind.

In the colder states they often sell specialized insulation, thin sheets of preformed foam with cutouts for the screw holes for the purpose of insulating drafty electrical openings. Home Depot typically carries them, it may help your situation.

Well, it's abandoned now and who knows for how long so I fail to see the difference.

If one doesn't use the stereo or speaker system for a period of time does that make it abandoned?

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It's not abandoned until you disconnect the terminations and leave the wires hanging in the wall.
Not really that big of a deal, but the intent of the code is to prohibit people from leaving a mess of communication wiring in the walls which may interfere with power wiring and emit toxic fumes in the event of a fire.

I hear you. Like I said, I don't think it's a big deal.
It's worth noting that at this point it's not abandoned because it's presumably terminated at both ends.
Just because you don't or rarely use your stereo doesn't render the wiring abandoned. Chopping them off and leaving them in the wall does.
The only exception to this rule is if its labeled for future use, but it can't be just left hanging inside the walls.

I hear you. Like I said, I don't think it's a big deal.
It's worth noting that at this point it's not abandoned because it's presumably terminated at both ends.
Just because you don't or rarely use your stereo doesn't render the wiring abandoned. Chopping them off and leaving them in the wall does.
The only exception to this rule is if its labeled for future use, but it can't be just left hanging inside the walls.

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I wouldn't necessarily object to having the surround sound wiring, but I have two sound systems and neither has plug ins that look like they would go with this. So if I can't use it in some way then my more primary concern would be making sure that there aren't drafts coming in, and right now it seems that these areas are more drafty. It would be nice to be able to use it though.

If I were you I'd just pull the plate off, stuff about 8sq inches of fiberglass insulation in the hole to fix the drafts and put the plate back on, or whatever kind of speaker terminals you want to use.